| 13 April 2024, Saturday |

Oatly IPO values Oprah-backed firm at $10bn

Oatly, the plant-based milk company started in Sweden, is set to make its stock market debut in the US, having been valued at $10bn (£7bn).

It set the share price for its initial public offering (IPO) at $17 each on Wednesday.

The company’s move to list its shares is a sign of the booming popularity of milk made with non-dairy alternatives.

It follows other plant-based food brands that have gone public, such as vegan burger maker Beyond Meat.

Oatly is raising $1.43bn through the IPO, which chief executive Toni Petersson said would be used to expand production.

“That’s why the time is right now… it is perfect for us from a business perspective,” he said.

We are bringing new capacity on board every single quarter this year. Our growth completely relies on our supply and our ability to do that.”

Oatly, which produces a milk substitute made from oats, has grown rapidly in recent years. Its oat milk is now sold in 60,000 shops and more than 32,000 coffee shops across 20 countries. Its product range has also expanded to include yoghurt and ice cream.